•Litecoin’s Daily Active Address (DAA) recently reached an all time high.
•The bullish momentum is attributed to the new LRC-20 standard tokens and increased transactions.
•LTC’s dominance has surged compared to other top 100 tokens according to the market cap, which could lead to a price rally in the near future.
The crypto space has been experiencing a roller coaster ride since Bitcoin marked an interim high close to $31,000, with most of its tokens trading in a bearish trend. However, Litecoin (LTC) has been exhibiting immense bullish momentum as the network’s strength has soared due to a new update that released new LRC-20 standards using ordinal theory. As a result, Litecoin’s Daily Active Address (DAA) reached an all time high and the transaction count also jumped significantly. This surge in DAA levels and transactions is believed to drive up the price of Litecoin in coming days.
What Caused This Price Rally?
The main driver of this price rally is attributed to the new LRC-20 standard tokens that followed rising attention and adoption of Bitcoin’s BRC-20 standard tokens. These tokens allow users to mint and transfer them on the network quickly and efficiently. Additionally, social dominance of Litecoin has also witnessed steady growth indicating its increasing dominance compared to other top 100 tokens according to market cap.
Since early 2023, Litecoin’s price has been trading along a rising trend line which is acting as a major support level for it currently trades around it again. It is approaching crucial resistance at $100 initially before attempting further gains.
The update regarding new LRC-20 standards combined with increasing DAA levels and transactions indicate that Litecoin could be experiencing considerable bullishness in coming days leading its prices towards an upward rally towards $100 initially before aiming for higher targets..
Qadir Ak is the founder of Coinpedia who has over a decade experience writing about technology and covering blockchain & cryptocurrency space since 2010